JOHNSON RICE & COMPANY 2013 ENERGY CONFERENCE October 1st, 2013
Overview Ticker Symbol: PES Market Cap: 480.0 million (September 26th, 2013) Stock price: 7.74 (September 26th, 2013) Average 3-month daily 371,130 shares trading volume: Public float: Approximately 62 million shares Employees:…
Pioneer Energy Services 109 Well Servicing Rigs in 11 Locations Approximately 7th largest well servicing provider 120 Wireline Units in 26 Locations 104 cased-hole 16 open-hole 13 Coiled Tubing Units in 4 Locations Approximately…
Company Objectives Target U.S. shale and unconventional plays with premium drilling and production services Grow core businesses (drilling, wireline, well servicing and coiled tubing services) organically if returns and terms…
Investment Merits Leverage to increasing rig and well count Improving rig count would lead to improved pricing in all business lines Higher well count is a positive for production services activity as horizontal wells require a…
Recent Updates Drilling Quarter-to-date utilization through August 31st is 82% Current utilization is 77%(1) Seven of eight rigs in Colombia are currently working Production Services Well servicing quarter-to-date utilization…
Leading Service Provider Across Well Life Cycle DISTRICT AND DIVISION OFFICES 8
Stable, Balanced Earnings YTD JUN 2013 TTM JUN 30th, 2013 43% 56% 44% 57% Total Revenue: 478 million Total Revenue: 936 million 45% 53% 47% 55% Total Margin: 169 million Total Margin: 327 million Drilling…
Steady Organic Asset Growth Continued organic growth opportunities in core businesses Delivered seven new-build drilling rigs in 2012 and three in 2013, all on long-term contracts Added a total of 19 well servicing rigs, 15 wireline…
Top-tier Safety Pioneer Energy Services was the safest among the 15 largest land contract drillers in the United States for 2011 as reported through the IADC Awarded 1st place in Division IV of the 2011 Association of Energy Service…
Top-tier Safety Pioneer Energy Services was the 2nd safest among the 15 largest land contract drillers in the United States for 2012 as reported through the IADC Awarded 3rd place in Division IV of the 2012 Association of Energy…
Well Servicing 100% of rigs are capable of working in the unconventional plays Newest well servicing fleet in the industry with an average age of less than five years Highest average horsepower fleet in the industry with all rigs…
Well Servicing Fleet Overview Well Servicing Locations Provides a wide range of well services to exploration and production companies Existing well maintenance Workover of existing wells Completion of newly-drilled wells Plugging…
Wireline Fleet Overview Wireline Locations One of the newest large-scale wireline fleets in the industry Leading market share position in a number of key geographic markets Majority of revenue derived from cased- hole…
Coiled Tubing Significant player in the offshore coiled tubing market Young fleet with all 13 units placed into service since 2009 Established in the Eagle Ford, Haynesville, Granite Wash, and offshore Gulf of Mexico 16
Coiled Tubing Fleet Overview Coiled Tubing Locations Provides a broad range of production and completion services Completion applications include frac plug drillouts, tubing conveyed perforating (TCP) and well cleanouts…
Drilling Services 18
High Quality Drilling Fleet, Focused On Unconventional Plays DRILLING LOCATIONS NORTH DAKOTA 12 rigs UTAH 7 rigs APPALACHIA 4 rigs COLOMBIA WEST TEXAS 8 rigs 23 rigs EAST TEXAS 3 rigs SOUTH TEXAS 13 rigs 19
Pioneer Rig Class Comparison Top Drive 2012/2013 High-End High-End Electric New-Build Mechanical Mechanical Deliveries Drawworks 750-1,200HP 1,000-1,300HP 1,000-2,000HP 1,000-1,500HP Top Drive --- 250-500 Ton AC 250-500 Ton AC…
Strong Utilization Through the Cycles Averaged over 80% utilization through cycles since 2001, comparing favorably to peers Current revenue utilization of 77%(1) Comparable Utilization Rates 100% 80% 60% 40% 20%…
Modern, Efficient Drilling Fleet 46 rigs with top drives (66% of fleet) 30 walking/skidding systems on rigs 49 pairs of 1,300/1,600/2,000HP mud pumps 84% of rigs have iron roughnecks 56% of rigs are electric 89% of…
New-Build Features State-of-the-art 550K and 750K sub & mast AC new-builds Integrated 500 ton top drives in mast section for faster rig up and rig down Crane free rig up / rig down design 30 loads on base rig for fast…
New-Build Pad Drilling Capability Pin-On Walking System Can walk in either direction or spin the rig Can walk with full set back of drill pipes in mast Amphion AC Control Systems Latest features in rig control software Climatized…
New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 25
Liquidity and Capital Structure June 30th, 2013 ( in millions) Actual Cash 17.6 Revolving Credit Facility 130.0 Sr. Unsecured Notes(1) 419.1 Other 0.1 Total Debt 549.2 Shareholders' Equity 523.4 Total Capitalization 1,072.6…
Appendix 29
Reconciliation of Adjusted EBITDA to Net Income We define Adjusted EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization, impairments, and the Colombian Net Equity Tax. Although not prescribed…
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